Core Viewpoint - Bank of America Securities reports that Tencent Music's Q3 performance largely meets expectations, with adjusted net profit increasing by 33% year-on-year to 2.41 billion yuan, exceeding market expectations by 4% due to strong revenue growth and reduced tax expenses [1] Financial Performance - Adjusted net profit for Q3 reached 2.41 billion yuan, a 33% increase year-on-year [1] - The performance surpassed market expectations by 4% [1] Market Position and Competition - Tencent Music is recognized as the leader in China's music streaming market [1] - There is growing investor concern regarding competition from ByteDance, which may impact short-term market sentiment [1] Valuation and Ratings - Current valuation of Tencent Music is considered to be at a reasonable level [1] - The firm maintains a "Neutral" rating with a target price of 98.13 HKD for Hong Kong stocks and 25 USD for U.S. stocks [1] Additional Notes - The recent earnings report did not disclose the number of SVIP users, which was 15 million in the previous quarter [1]